Latest news with #taxpackage
Yahoo
5 days ago
- Business
- Yahoo
Lawmakers debate state budget in final hours of session
SPRINGFIELD, Ill. (WGN) – State lawmakers are still ironing out the details of a $1 billion tax package with just a few hours left in the legislative session. In order to make their proposed $55.2 billion state budget work, Democrats are finalizing cuts and tax increases. Their ideas include an amnesty program to collect more money from delinquent tax filers and increasing taxes on gambling, tobacco and vape products. The measure would also tax large transnational corporations that store assets overseas. On the savings side, the spending plan cuts funding for health insurance for undocumented residents between the ages of 42 and 64. While it's a controversial decision for the Democratic majority, the move is expected to save the state over $300 million. PREVIOUS COVERAGE: Spring session entering final day as budget deadline looms Lawmakers said they will also boost funding for K-12 education by $307 million, but that comes with cutting a grant program for high property tax, low real estate value districts. In added revenue, lawmakers will provide more special grants for safety net hospitals that are known to treat uninsured patients. A wage increase of 80 cents per hour for professionals with developmental disabilities is also on the table, along with a 5% pay raise for lawmakers tied to inflation. On the other side of the aisle, Republicans said they found the state spending appalling. 'In Governor Pritzker's six years in office, he has increased spending by 40%. There are very few families that have had their income increase by 40% over six years,' Sen. John Curran (R-Lemont) said. Democrats, though, argue the spending is necessary given uncertainty at the federal level. 'The reality is we are still climbing out of the hollowing out of the state government, which occurred during the previous administration,' Sen. Elgie Sims (D-Chicago) said. 'The challenges which exist, or have existed, are only being exacerbated by actions at the federal level.' Illinois budget battle: What Chicago needs from Springfield The House also passed a bill that would allow terminally ill people to get medical aid in dying. Debate on this topic on the House floor Thursday night was passionate. On Saturday afternoon, a Senate committee skipped address of the above bill. Whether it will be raised again before deadline is unclear at this time. Lawmakers also signed off on a bill that, according to Democrats, would control the rising cost of prescription drugs while helping small pharmacies in the state. The Prescription Drug Affordability Act imposes new fees on pharmacy benefit managers. There is concern that pharmacy benefit managers raise the costs of prescription drugs. A measure that would allow eligible high school students to receive direct admission to public universities based on academic performance is also headed to Gov. JB Pritzker's desk. Lawmakers also moved to further develop Illinois into a state with abundant reproductive rights, passing bills to expand protection for health care professionals and expand access for students on college campuses. Illinois has a $770M hole in the transit budget that could leave commuters stranded As far as the transit budget, lawmakers are still trying to patch a $770 million hole. After months of warning from Chicagoland transit that bus and train service might be cut without a state bailout, lawmakers are working to hike the cost of tolls and rideshares to help the system. On Saturday, rideshare service Uber warned customers about the proposed increase. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
E&E News
16-05-2025
- Business
- E&E News
Ways and Means chair hopes for bipartisan bill by year's end
House Ways and Means Chair Jason Smith said Thursday that he'd like to pass a bipartisan tax package before the end of the year. Such legislation could include provisions that are due to expire at the end of the year, known as 'extenders,' as well as some health care items, Smith said, in an appearance at the Economic Club of Washington. The Missouri Republican said he would 'love to work with' Ways and Means ranking member Richard Neal (D-Mass.) and Senate Finance Chair Mike Crapo (R-Idaho) and ranking member Ron Wyden (D-Ore.) on the package 'because there's a lot of tax provisions that I really care about that are expiring, or have expired, that are truly, truly bipartisan.' Advertisement Smith said he didn't include the priorities in the Republican party-line budget package because 'there's Republicans that really dislike those provisions.'
Bloomberg
13-05-2025
- Business
- Bloomberg
'Not a Serious Tax Package:' Rep. Casten on GOP Tax Bill
Rep. Sean Casten (D) Illinois, states the tax package GOP members of Congress are working on is "not a serious tax package," and voices his concerns on potential cuts to Medicaid and SNAP. Rep. Casten also talks about his views on Qatar offering President Trump a Boeing jet, and the House GOP plan to claw back President Biden's climate law to fund President Trump's tax cuts. He speaks with Kailey Leinz on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
